Thapter 7 Work eBook ** Show Me How Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,500 units at $35 1,750 units at $37 May 10 May 20 1,575 units at $39 May 12 May 14 May 31 2,450 units 2,100 units 1,050 units a. Assuming that the perpetual Inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, If units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Quantity Purchases Unit Purchases Total Quantity Cost of Merchandise Sold Cost of Merchandise Sold Inventory Inventory Unit Inventory Total Date Purchased Cost Cost Unit Cost Quantity Total Cost May Check My Work 3 more Check My Work uses remaining. Apps Chapter 7 Work Show Me How Calculator Schedule of Cost of Merchandise Sold UFO Method Prepaid Cell Phones Cost of Merchandise Sold cost of Merchandise Sold Unit Cost Quantity Purchased Purchases Unit Cost Purchases Total Quantity 000 DII Pooli 10.1 Bubbl. 01001 0 Balance b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first in first-out method? Check My Work 3 more Check My Work uses remaining